a P P e n d i x tiMeline oF u.s. housing Finance Milestones Critical Reform or Event for Housing Finance 1932: Federal Home Loan Bank Creation of an early government- (FHLB) Act sponsored enterprise (GSE): a system of 12 FHLBs to borrow at low rates in markets and lend to mortgage-lenders "New Deal": Creation of the Federal Housing Admin- 1933 Home Owners Loan Act istration (FHA) that offered mort- (HOLA) and 1934 National gage insurance to lenders on qualified Housing Act (NHA) mortgages 1938 Creation of the National Mortgage Asso- ciation (NMA) of Washington, which changed its name to the Federal National Year/Act 183